Author: Chris Norton

Apartment Market and Sales Insights Possible Upcoming Opportunity: Apartment sales have been minimal for the past couple years due to the high loan rates. There are more than 70 apt. communities currently advertised for sale. What if the Feds drop rates and loan rates follow suit? Everyone knows there is increasing pressure being put on Colin Powell and … Continued

Apartment Market and Sales Insights Rents, Occupancy and Concessions – As of Q2 2025, rents over the past three years, for all class properties, have declined an average of 5%. Since a high of 96.2% in Q3 2021, occupancy is now holding around 93%. The current average lease concessions are 10% of the annual rent, with the highest … Continued

Apartment Market and Sales Insights Softbank Group Corp founder and CEO Masayoshi Son reportedly is considering a $1 trillion complex (Project Crystal) focused on Artificial Intelligence and robotics in the Valley and to promote Arizona as a hub for next-generation industrial innovation. TSMC is suggested to be a possible partner. New Apt Construction Pipeline continues to put … Continued

Apartment Market and Sales Insights Commercial follows Residential – Just something to watch. I remember tracking the demise of the residential market in 2007. It actually forecast the decline on the commercial market highlighted by Lehman Brothers declaring BK in September 2008. With high interest rates and strong home values, the number of current listings is the highest … Continued

Apartment Market and Sales Insights Nationwide – Of the 31 major metropolitan cities tracked by Yardi Matrix, Phoenix ranks 3rd from the bottom for YoY rent growth. Phoenix, Denver and Austin were the only cities with negative rent growth. NYC was the best with 5.7%. Once our new apt construction pipeline is completed and absorbed, we should have … Continued

Apartment Market and Sales Insights History: Housing demand started increasing in 2016 – driving rents and apt. values up. As a result of our annual rental rate growing to 18.8%, developers increased new construction – almost doubling previous annual completions to 16,016 units in 2022, and this has continued. The increased supply has created higher vacancy rates and driven … Continued

Apartment Market and Sales Insights Trustee Sales 510 N Horne, Mesa on 5.20.2025. 25 units built 1971, credit bid $5,112,549. Original purchase on 6.18.2022 was $5,750,000. This was the same owner and lender as the 16 units at 750 E 1st Av., Mesa (reported last week). 12,810 N Cave Creek Rd., Phoenix on 5.28.2025. 206 units built … Continued

Apartment Market and Sales Insights Buyer of Zanterra Luxury Apt’s also purchased The Core at Scottsdale (15,333 N Hayden Rd.) on 5.7.2025. 282 units for $97,500,000 ($345,745/u). There were no sales for the week ending 5/23/2025. The 16 unit property located at 750 E 1st Av. in Mesa went back to the lender at the … Continued